A truck drives past an ADNOC Gas a subsidiary of the Abu Dhabi National Oil Company facility in Abu Dhabi on March 3, 2026. Ryan Lim | AFP | Getty Images The United Arab Emirates' decision to leave OPEC and OPEC+ was based on the country's economic vision and not on politics, the country's energy minister said on Saturday. "This decision came following a comprehensive assessment of the national pr...
A truck drives past an ADNOC Gas a subsidiary of the Abu Dhabi National Oil Company facility in Abu Dhabi on March 3, 2026. Ryan Lim | AFP | Getty Images The United Arab Emirates' decision to leave OPEC and OPEC+ was based on the country's economic vision and not on politics, the country's energy minister said on Saturday. "This decision came following a comprehensive assessment of the national production policy and its future capabilities, and it is based solely on the national interest of the United Arab Emirates, its responsibility as a reliable energy supplier, and its unwavering commitment to maintaining market stability," Suhail Mohamed Al Mazrouei said in a post on X. The Emirates announced earlier this month it would depart the producer group OPEC, of which it was a member since 1967, before the UAE was even founded. "This decision is not based on any political considerations, nor does it reflect the existence of any divisions between the United Arab Emirates and its partners," Mazrouei said. United Arab Emirates' Minister of Energy Suhail Mohamed Al Mazrouei arrives for the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on October 5, 2022. Vladimir Simicek | Afp | Getty Images The exit "represents a sovereign and strategic choice stemming from its long-term economic vision, the evolution of its capabilities in the energy sector, and its steadfast commitment to global energy security," the oil minister said. Before the war, the UAE was producing just over 3 million barrels a day — broadly in line with OPEC+ targets. Abu Dhabi has targeted a capacity to produce 4.9 million BPD. Now, due to the war, the UAE is producing between 1.8 and 2.1 million barrels per day. The UAE was the most influential member of OPEC behind Saudi Arabia. It was one of the few members, along with Saudi Arabia, that had meaningful spare production capacity to influence prices and respond to supply shocks, Jorge León, ...
According to an SEC filing dated May 15, 2026, Delta Global Management LP sold its entire holding of 203,145 shares in Abercrombie & Fitch Co. (NYSE:ANF) during the first quarter. The estimated transaction value, calculated using the average unadjusted closing price for the quarter, was $19.75 million. The quarter-end value of the position declined by $25.57 million, reflecting both the share sale...
According to an SEC filing dated May 15, 2026, Delta Global Management LP sold its entire holding of 203,145 shares in Abercrombie & Fitch Co. (NYSE:ANF) during the first quarter. The estimated transaction value, calculated using the average unadjusted closing price for the quarter, was $19.75 million. The quarter-end value of the position declined by $25.57 million, reflecting both the share sale and stock price changes. Abercrombie & Fitch Co. is a global specialty retailer with a diversified brand portfolio and an integrated omnichannel presence. The company’s strategy emphasizes brand differentiation and direct engagement with its core demographic through both physical and digital retail channels. Continue reading
Tony Anderson/DigitalVision via Getty Images If you follow my work closely, there is a high probability that you know that I am a big fan of the homebuilding space. I acknowledge that there are short term issues to worry about. Housing affordability, high interest rates, inflationary pressures, and broader economic weakness, would all be examples of this. However, I also acknowledge that there is ...
Tony Anderson/DigitalVision via Getty Images If you follow my work closely, there is a high probability that you know that I am a big fan of the homebuilding space. I acknowledge that there are short term issues to worry about. Housing affordability, high interest rates, inflationary pressures, and broader economic weakness, would all be examples of this. However, I also acknowledge that there is a persistent housing shortage in the US right now. Estimates vary widely. For instance, investment bank JPMorgan Chase & Co. ( JPM ) pegs the number at 2.8 million homes. The National Low Income Housing Coalition estimates that the number of rental homes that we are short amounts to about 7.2 million. And in April of this year, the White House estimated that the shortage was about 10 million units. Regardless of the number, I think we can all agree that it's in the millions. And that means that there is a catalyst for future homebuilding activity once current economic weakness gives way to growth again. One of the most attractive prospects in this space in my view is Taylor Morrison Home Corporation ( TMHC ). In fact, in October of last year, I upgraded the stock from a 'buy' to a 'strong buy' even though financial performance for the business had been deteriorating. Shares were cheap on both an absolute basis and relative to other similar companies. And at the end of the day, I argued that this would give way to nice returns for shareholders. Since then, however, the stock has barely moved, inching up only 0.6% at a time when the S&P 500 is up 7.6%. But since I originally turned bullish about it in January of 2022, the stock has risen 100.2%. That's above the 67.5% increase that the market enjoyed. I've firmly believed that even though we will see further pain this year, for those focused on the long run, Taylor Morrison Home Corporation makes sense as a 'strong buy' candidate. Still a good home for your money Taylor Morrison Home Corporation Operationally speaking, Taylor...
monticelllo/iStock Editorial via Getty Images Introduction Back when I last covered Constellation Brands ( STZ ), I reiterated their Buy rating, highlighting their strong recent performance despite lowering their 2026 EPS guidance, with strong cash flow generation and solid shareholder returns through dividends and buybacks. Following a solid end to their fiscal year, STZ remains a Buy despite war...
monticelllo/iStock Editorial via Getty Images Introduction Back when I last covered Constellation Brands ( STZ ), I reiterated their Buy rating, highlighting their strong recent performance despite lowering their 2026 EPS guidance, with strong cash flow generation and solid shareholder returns through dividends and buybacks. Following a solid end to their fiscal year, STZ remains a Buy despite warnings of continued consumer pressure, with a valuation that already seems to imply a solid margin of safety and standing to enjoy a potential re-rating once the environment improves. Still Solid in a Weak Environment Constellation Brands IR STZ’s Q4’FY26 report beat the market’s revenue and EPS estimates by quite a bit, with the free cash flow beating their $1.35 billion midpoint significantly, reaching a solid $1.79 billion in FY26, below the $1.94 billion reported a year before despite the ~$339 million drop in CAPEX, dragged down by their divestitures and lower volumes stemming from the weak consumer environment. Constellation Brands IR In fact, Constellation Brands expects this consumer pressure to continue into FY27 (and completely withdrawing their FY28 guidance), with comparable EPS in the range of $11.20 to $11.90 (vs. $11.82 in FY26), assuming a -1% to 1% move in net sales, 32% to 33% operating margin (mostly from beer, while wine and spirits drags it down significantly; they say this can structurally be brought in the low 20s), with ~$800 million in CAPEX (vs. $875 million in FY26 and $1.21 billion in FY25, as they complete their investment cycle), as well as $1.6 billion to $1.7 billion in FCF, with the new CEO highlighting during their Q4’FY26 Earnings Call : While the consumer landscape remains dynamic, I firmly believe that we are well positioned to continue delivering for our consumers, employees, distributors and shareholders over the long term. Having served on the Board for the past 5 years, I've been closely involved in our key strategic and operational p...
Member of King’s Troop Royal Horse Artillery received medical treatment but died at scene after sustaining serious injuries A service person has died after falling from their horse after a display at the Royal Windsor Horse show, police said. The soldier, part of the King’s Troop Royal Horse Artillery, fell at about 7pm on Friday after exiting the arena. Continue reading...
Member of King’s Troop Royal Horse Artillery received medical treatment but died at scene after sustaining serious injuries A service person has died after falling from their horse after a display at the Royal Windsor Horse show, police said. The soldier, part of the King’s Troop Royal Horse Artillery, fell at about 7pm on Friday after exiting the arena. Continue reading...
Grand Warszawski/iStock Editorial via Getty Images Playtika ( PLTK ) still looks solid after my last Buy rating at $2.87. Since then, the stock’s up about 29%. The main thing driving the move: Playtika’s been moving faster than expected to a direct-to-consumer (D2C) setup, with DTC platforms revenue up 16.7% sequentially and 62.8% year over year, while total revenue rose 9.7% sequentially and 5.5%...
Grand Warszawski/iStock Editorial via Getty Images Playtika ( PLTK ) still looks solid after my last Buy rating at $2.87. Since then, the stock’s up about 29%. The main thing driving the move: Playtika’s been moving faster than expected to a direct-to-consumer (D2C) setup, with DTC platforms revenue up 16.7% sequentially and 62.8% year over year, while total revenue rose 9.7% sequentially and 5.5% year over year. They also raised their full-year 2026 outlook. The key update is that DTC platforms revenue reached $291.8 million, Disney Solitaire's revenue reached $123.3 million and increased 72.1% sequentially and management said Q1 performance was ahead of prior expectations, with SuperPlay tracking ahead of plan. Now those bets are showing up in the numbers, with DTC mix rising to 39.2% of revenue and DTC platforms revenue up 62.8% year over year, even though Q1 Adjusted EBITDA margin fell to 16.8% from 29.7% in Q4 2025 and 23.7% in Q1 2025. PLTK Q1 Results For the first quarter, Playtika pulled in $744.7 million in revenue. That’s up 9.7% from the previous quarter and up 5.5% from a year ago. Pretty good, especially given Playtika’s still shifting its lineup. That number was $50.05 million above what analysts expected, so Disney Solitaire’s sequential growth and management’s comment that SuperPlay was tracking ahead of plan point to new-game traction and front-loaded investment showing up in revenue. The catch: profits took a hit. Net loss for the quarter was $(57.5) million. Adjusted EBITDA came in at $125.2 million, down 37.8% from the last quarter and 25.2% from last year. Margins dropped, with sales and marketing rising to $360.6 million from $271.8 million a year ago and GAAP loss also reflecting items such as contingent consideration, acquisition-related expenses and severance add-backs in the non-GAAP reconciliation. Management flagged this in the earnings release , where Tae Lee, CFO, said, “Our Adjusted EBITDA for the quarter reflects a planned, front-load...
China’s purchase of “double-digit billions” in American agricultural products touted by US officials following President Donald Trump’s state visit to Beijing appears to be a marginal addition after factoring in previous commitments, analysts said, adding that new orders could reduce the country’s reliance on Brazil for soybeans and other items. US Trade Representative Jamieson Greer said on Frid...
China’s purchase of “double-digit billions” in American agricultural products touted by US officials following President Donald Trump’s state visit to Beijing appears to be a marginal addition after factoring in previous commitments, analysts said, adding that new orders could reduce the country’s reliance on Brazil for soybeans and other items. US Trade Representative Jamieson Greer said on Friday that he expects to see China buy a 10-figure sum in agricultural products annually over the next...
SlavkoSereda/iStock via Getty Images Through recent bull markets, investors have often been sold the story that valuations are too high in historical terms and that a moment of recognition (or possibly some form of great reset ) is inevitable. Multipl And yes, markets are indeed expensive today. Especially after the recent tech rally, which took place in spite of higher consumer inflation and a lo...
SlavkoSereda/iStock via Getty Images Through recent bull markets, investors have often been sold the story that valuations are too high in historical terms and that a moment of recognition (or possibly some form of great reset ) is inevitable. Multipl And yes, markets are indeed expensive today. Especially after the recent tech rally, which took place in spite of higher consumer inflation and a looming energy crisis . The S&P 500 ( SP500 ) P/E ratio stands at levels last seen close to the dot-com bubble’s peak (see chart above). Today however, I present a different idea: that this indicator has been rendered useless by new accounting standards, changes in the fabric of the American economy and the way we use the very index it is measured against. To understand markets going forward, we first need to stop reasoning in fiat currency. What changed (Part I): regulation and the service economy The US economy looks very different today than it did at the turn of the millennium, both in terms of its composition and its regulatory framework. Two structural shifts matter most, in my view: The economy has become far more service and technology oriented, with software and intangible capital replacing physical assets as the primary driver of corporate value creation. Accounting standards tightened considerably starting in the mid-2000s and accelerating after the GFC. New rules forced companies to recognise costs that were previously invisible on the income statement. Stock-based compensation is not treated as it was in the 2000s Before the introduction of FAS 123R in 2006, companies were required to disclose employee stock option grants only as a footnote, with no deductions from reported earnings. FASB's revised standard required firms to expense the fair value of all share-based compensation ( SBC ) directly on the income statement. Today, SBC runs at roughly 10 to 15% of aggregate S&P 500 net income. To compare dot-com era valuations fairly with today, we would need to subtr...
Brian Emes manages a retail store in Lethbridge, Alberta, a small city on the Canadian prairie about a two-hour drive from the US border. On the morning of May 11, before opening the shop, the 43-year-old launched his brokerage app and bought 55 shares of an exchange-traded fund that hadn’t existed until early April. The fund is the Roundhill Memory ETF or DRAM . It now accounts for roughly 7% of ...
Brian Emes manages a retail store in Lethbridge, Alberta, a small city on the Canadian prairie about a two-hour drive from the US border. On the morning of May 11, before opening the shop, the 43-year-old launched his brokerage app and bought 55 shares of an exchange-traded fund that hadn’t existed until early April. The fund is the Roundhill Memory ETF or DRAM . It now accounts for roughly 7% of his portfolio — a concentrated wager, made on the strength of Reddit threads and YouTube videos, that artificial intelligence has turned memory chips into the trade he could not afford to miss. Emes had never owned a memory stock. His investments largely sit, as they always have, in broad index products: mostly the iShares Core Equity ETF Portfolio fund. DRAM is his first real thematic bet. “I’m thrilled I can directly invest in memory producers,” said Emes. He is among a slew of retail investors who have piled into the fund — up some 84% since its April 2 launch — pushing it to about $10 billion in assets and into the top 10 US ETFs by year-to-date inflows, out of more than 5,000 listed products. By some measures , no ETF in history has grown faster. DRAM is what fearless risk-taking looks like in the spring of 2026. In a year when nothing has been allowed to fall for long — when prediction contracts and zero-day options have all found their willing bidders — a six-week-old ETF built around three Asian chipmakers has become a mainstream retail trade. Specialist products that once sat at the edges of the ETF industry are being pulled into its center, even as the lopsided options buying around DRAM gives some traders pause about how much further the wager can run. On Friday, DRAM fell 5% as rising bond yields threaten to knock the AI trade off its upward course. Built by boutique firm Roundhill, the vehicle provides concentrated access to a handful of memory companies, including Samsung Electronics and SK Hynix, which trade primarily on the Korean exchange and have historica...
The last-gen InReach Mini 2 might require a subscription to use, but we guarantee it’s far more durable than your phone. | Image: Garmin REI’s annual Anniversary Sale — the retailer’s biggest of the year — has arrived , bringing with it discounts on all kinds of outdoor essentials. If you’ve got a camping trip coming up, now is a good time to stock up on the basics, whether it be a tent , sleeping...
The last-gen InReach Mini 2 might require a subscription to use, but we guarantee it’s far more durable than your phone. | Image: Garmin REI’s annual Anniversary Sale — the retailer’s biggest of the year — has arrived , bringing with it discounts on all kinds of outdoor essentials. If you’ve got a camping trip coming up, now is a good time to stock up on the basics, whether it be a tent , sleeping pad , or stove . If your summer plans involve hiking or heading into the backcountry, there are also savings to be had on everything from Garmin watches to water filters , some of which are also on discount at retailers like Amazon. The sale runs through May 25th, and to save you time scrolling, we’ve rounded up the best deals below. Additionally, as in previous years, REI members ge t 20 percent off one full-price item or one REI Outlet item with code ANNIV26 , giving those who pay for a lifetime membership ($30) even more ways to save in the run-up to Memorial Day. Smartwatches and fitness trackers Garmin Fenix 8 The Garmin Fenix 8 is a premium multisport watch that features a speaker, mic, and on-device assistant for calls, timers, and voice commands. It also offers elite battery life, dual-frequency GPS, and robust sensors. Read our review . Where to Buy: $999.99 $749.99 at Amazon (43mm) $1099.99 $849.99 at Walmart (51mm) $1099.99 $849.99 at REI (47mm) Amazfit Active 2 The Amazfit Active 2 delivers outsized value for the price. It looks spiffy and has a wide array of health tracking features, plus built-in GPS and AI chatbots to provide extra context to your data. Read our review . Where to Buy: $99.99 $89.99 at Best Buy $99.99 $84.99 at REI $99.99 $84.99 at Target Garmin’s Venu 4 is geared toward the average athlete, and it’s on sale at REI , Amazon , and Best Buy in both size configurations for $499.99 ($50 off), matching its best price to date. The wearable offers many of the same health and fitness tracking features as its predecessor, the Venu 3S, including abnorm...
(Bloomberg) -- Brian Emes manages a retail store in Lethbridge, Alberta, a small city on the Canadian prairie about a two-hour drive from the US border. On the morning of May 11, before opening the shop, the 43-year-old launched his brokerage app and bought 55 shares of an exchange-traded fund that hadn’t existed until early April. Most Read from BloombergWinners and Losers From Trump and Xi’s Bei...
(Bloomberg) -- Brian Emes manages a retail store in Lethbridge, Alberta, a small city on the Canadian prairie about a two-hour drive from the US border. On the morning of May 11, before opening the shop, the 43-year-old launched his brokerage app and bought 55 shares of an exchange-traded fund that hadn’t existed until early April. Most Read from BloombergWinners and Losers From Trump and Xi’s Beijing Summit TalksHormuz Oil Flows Creep Higher as More Supertankers ExitWhat Is The Thucydides Trap
Third straight season-ending blowout for Minnesota San Antonio to face Oklahoma City in conference finals Pistons hold off Cavaliers to force Game 7 The San Antonio Spurs were well on their way to the Western Conference finals in the fourth quarter when Minnesota Timberwolves star Anthony Edwards went down to their bench to briefly offer his congratulations. The young Spurs left no doubt they’re a...
Third straight season-ending blowout for Minnesota San Antonio to face Oklahoma City in conference finals Pistons hold off Cavaliers to force Game 7 The San Antonio Spurs were well on their way to the Western Conference finals in the fourth quarter when Minnesota Timberwolves star Anthony Edwards went down to their bench to briefly offer his congratulations. The young Spurs left no doubt they’re already a serious NBA title contender. Victor Wembanyama and the Spurs romped past the Timberwolves 139-109 on Friday night in Minneapolis to finish in the second-round series in six games and reach the conference finals for the first time since 2017. Stephon Castle had 32 points and 11 rebounds in another dominant performance from the backcourt. Continue reading...
President Trump arrived in Beijing for a high-stakes summit with Xi Jinping aimed at stabilizing US-China ties against the backdrop of the Iran war and the race to control and contain AI. Tech CEOs including Jensen Huang and Elon Musk tagged along, sending Nvidia, Tesla and Chinese AI-related stocks higher. And while the US president may want to focus on trade, Beijing’s role in the Middle East an...
President Trump arrived in Beijing for a high-stakes summit with Xi Jinping aimed at stabilizing US-China ties against the backdrop of the Iran war and the race to control and contain AI. Tech CEOs including Jensen Huang and Elon Musk tagged along, sending Nvidia, Tesla and Chinese AI-related stocks higher. And while the US president may want to focus on trade, Beijing’s role in the Middle East and Taiwan arms sales, Xi has a stronger hand than he did at their first summit. Co-Host of Bloomberg Tech Caroline Hyde joined Christina Ruffini on Bloomberg This Weekend to discuss. (Source: Bloomberg)
peterschreiber.media Regeneron ( REGN ) has announced a failure in a late-stage trial designed to evaluate a combination therapy involving its anti-PD-1 immunotherapy Libtayo against pembrolizumab, Merck’s ( MRK ) blockbuster cancer therapy marketed as Keytruda. The Phase 3 study evaluated Regeneron’s ( REGN ) fianlimab plus cemiplimab (Libtayo) versus pembrolizumab monotherapy as a first-line opt...
peterschreiber.media Regeneron ( REGN ) has announced a failure in a late-stage trial designed to evaluate a combination therapy involving its anti-PD-1 immunotherapy Libtayo against pembrolizumab, Merck’s ( MRK ) blockbuster cancer therapy marketed as Keytruda. The Phase 3 study evaluated Regeneron’s ( REGN ) fianlimab plus cemiplimab (Libtayo) versus pembrolizumab monotherapy as a first-line option for certain patients with melanoma, a skin cancer. The trial, which tested two dose levels of fianlimab plus cemiplimab, didn’t reach the primary endpoint related to progression-free survival with statistical significance, the New York-based drugmaker said in a statement late Friday. After evaluating more than 1,500 subjects aged 12 years or older with unresectable locally advanced or metastatic melanoma as part of the trial, the company added that its combination therapy didn’t indicate new safety signals. Another Phase 3 trial evaluating fianlimab plus cemiplimab as a first-line therapy for unresectable or metastatic melanoma versus Bristol Myers’ ( BMY ) Opdualag is currently underway. More on Regeneron, Merck A Futuristic Synthesis Indeed Regeneron Pharmaceuticals, Inc. (REGN) Presents at Bank of America Global Healthcare Conference 2026 Transcript Merck: 'Strong Buy' - Terns Acquisition And Ability To Counter Keytruda Patent Loss FDA leadership fallout continues as acting CDER Director Hoeg departs Biopharmas look to China, elsewhere for partnerships, R&D